Muscat – Abra Holdings Ltd has announced a public offer to acquire an additional 15.42 per cent of the issued share capital of the Oman Cement Company SAOG (OCOI), a move that would increase the former’s stake in OCOI to 75.0 %.

The offer opens on 14^th June 2023 and closes on 25^th June 2023 against an offer price RO0.379 per OCOI share which represents a (1) 17.3% premium versus the Volume Weighted Average Price (“VWAP”) since 1 January 2023; (2) 16.4% premium versus the last three months’ VWAP; and (3) 13.5% premium versus the closing price of 4^th June 2023, Abra Holdings Ltd stated.

Earlier, on 5^th April 2023, Abra acquired a 59.58% stake in OCOI from the Investment Authority SPC, a wholly-owned subsidiary of the Oman Investment Authority. According to the Takeover and Acquisition Regulation issued by the Capital Market Authority, the completion of this acquisition has triggered the obligation for Abra to make an offer to the remaining shareholders based on the price per share of the final consideration paid by Abra to Investment Authority SPC, i.e. RO0.379 consisting of OMR 0.366 paid at closing of the acquisition and a post-closing adjustment of RO0.013. In line with this, Abra is offering to buy from minority shareholders an additional 15.42 per cent of the issued share capital of OCOI which would increase its total shareholding in OCOI to a total of 75% from 59.58% currently.

Abra will contribute to the development of operations at OCOI, increase its production efficiency, and enhance its competitiveness locally and regionally, in addition to enhancing the positive image of the Omani industrial sector in general.

Further Details at: https://u-capital.net/news/oman-cement/